Dominica CIP’s Due Diligence “Has Been Lax” Says US State Department in Report
The US State Department’s recently released International Narcotics Control Strategy Report (INCSR) made passing mentions of citizenship by investment jurisdictions in the Caribbean and Europe. While largely satisfied with the vetting standards among CIP jurisdictions, the State Department expressed concerns regarding the due diligence in Dominica.
Under Dominica’s Citizenship by Investment Programme, “due diligence has been lax,” states the report. “Dominica does not consistently use available regional mechanisms, such as the Joint Regional Communications Center (JRCC), to properly vet candidates. The
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The report further indicated a general disquiet among American authorities regarding the proliferation of CIPs.
“U.S. law enforcement is increasingly concerned about the expansion of citizenship by investment programs due to the possibility of local corruption and the visa-free travel and ability to open bank accounts accorded these individuals,” said the report.
Christian Henrik Nesheim is the founder and editor of Investment Migration Insider, the #1 magazine – online or offline – for residency and citizenship by investment. He is an internationally recognized expert, speaker, documentary producer, and writer on the subject of investment migration, whose work is cited in the Economist, Bloomberg, Fortune, Forbes, Newsweek, and Business Insider. Norwegian by birth, Christian has spent the last 16 years in the United States, China, Spain, and Portugal.